Gold Movement
Gold prices traded lower by 1.31% against the USD in the 24 hour period ending 23:00GMT, at 1057.10 per ounce, as a broad strength in the greenback and prospects of a December interest rate hike by the US Federal Reserve eroded investor appetite for the precious metal.
In the Asian session, at GMT0400, the pair is trading at 1053.7, with the gold trading 0.32% lower from Friday’s close.
The pair is expected to find support at 1046.33, and a fall through could take it to the next support level of 1038.97. The pair is expected to find its first resistance at 1066.33, and a rise through could take it to the next resistance level of 1078.97.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
